Taiwan leader Tsai Ing-wen said on Wednesday night that the US is a crucial supporting force for Taiwan's security, and that the stable sale of arms between the US and Taiwan plays an important role in maintaining the status quo across the Taiwan Straits. Tsai made the comments during a speech at the annual Hsieh Nien Fan banquet held by the American Chamber of Commerce in Taipei, attended by officials and business leaders.

"We hope to build an upgraded strategic relationship between the US and Taiwan," said Tsai. "This includes a more strategic partnership in regional security, more comprehensive cooperation, and greater mutual trust."

She also elaborated upon Taiwan's newly-launched homegrown submarine program, calling it an "ambitious and major plan which showcases Taiwan's determination to move forward".

In response to US President Donald Trump's "America First" trade policy, Tsai stressed that Taiwan is prepared to make adjustments based on the principle of fair trade, and will be dedicated to resolving disputes through communication and negotiation.

Meanwhile, American Institute in Taiwan (AIT) Director Kin Moy restated the US position on Taiwan security issues in his opening remarks at the banquet.

“The US remains firmly committed to Taiwan’s security and a one-China policy based on the Taiwan Relations Act and the Three Joint Communiqués,” said Moy. “We seek a peaceful Cross-Strait relationship and believe in the importance of Cross-Strait dialogue in achieving it.”